CrossCountry HoldCo, the parent company of a large retail mortgage company, will expand its asset management arm through partnerships with an Ares Alternative Credit fund and Hildene Capital Management, among others.
The asset management unit, CrossCountry Capital, will also expand its non-qualified mortgage investment platform and add complementary asset classes, such as residential transition loans, construction and vertical builder finance and multifamily lending. CrossCountry has had a
"The growth of CCC positions CCM to uniquely capitalize on the current market environment, something no other mortgage company is doing right now," Ron Leonhardt, founder and CEO of CrossCountry Mortgage, said in a press release.
The asset management arm and its partners have received more than $1 billion of equity capital commitments representing more than $20 billion of new loan investments.
"The additional capital will enhance our ability to scale, provide flexible capital solutions, and capture the growing opportunities in the non-agency mortgage market while addressing the financing needs of borrowers underserved by traditional lenders," said Steven Ujvary, managing partner at CrossCountry Capital.
Founded in 2003, CrossCountry Mortgage is headquartered in Cleveland and operates around
CrossCountry Capital started in 2022 and has quickly built a large-scale non-agency asset management platform. It has more than $7 billion in loans under management and runs a securitization program with more than 50 unique investors.
"The continued expansion of CCC allows us to further diversify our business model outside of core origination and servicing activities in a capital-light manner, and is a testament to our proven track record of originating high-quality non-agency mortgage investments," said Madhur Agarwal, chief financial officer of the home lending division.
Other recent developments at CrossCountry include a
